Hi Blacklab, are you looking in Bendigo or Ballarat?

only in some areas, quality property will remain quality property. I not interested in mortgage belt defaults.

I should add that duckster is however correct – ANY misleading information provided to ATO, variation or not, leaves you open to prosecution; especially if you knowlingly do it.variations are an excellent way to reduce you PAYG tax legit.See an accountant on how to do it; I am not one Cheers

little bit melodramatic ducksterI've been running a variation for years. I do a quarterly check on myself. If I've overquoted I contact the ATO and they give you Bpay account to 'top up' your tax; should you need to. I've only has this issue with extra large bonuses from work and some excellent wins on the ASX.I've found the ATO to be genuinly…[Read more]

Yeah I've taken 2 new loans in the last 6 months and did notice they fluffed around a bit more with the detail than usual.I'd just assumed the banks had become more dubious about who they lent to; which would make sense.I shall just have to wait and see I guess.Cheers

Thanks Richard,Have the rules changed as a result of the GFC?My broker seemed confident that there would be no issues… I called him today and asked. I'm not disbelieving you, I'm just worried that my broker may have not funded a sub division recently and as a result is not aware of any changes.Cheers

Can I ask gents, how does one go about funding a subdivision if the banks are not allowing people to fund the construction via normal lending channelsCheers

Hi Richard,No worries; You have raised my alert level, as this is my first attempt at subdivide and build. There will be hurdles and this is just another one; I have other options if required, but not my preference.Either way, I appreciate you comments.CheersPaul

Hi Richard,I spoke to my broker that was aware of my plans last year when I purchased this particular property; he was quite sure that the banks are OK with subdivided dual occupancies. It would seem that it all depends on the amount of units that you plan to build.I imagine that a 3 unit development would be OK (one unit already existing)…And…[Read more]

Hi Richard,Thanks fo your help, I will need to do some investigating. I will post back here when/if things are sorted Cheers

Hi Richard,My current loan for the 1st property is with ING. How are they on multi dwellings?cheersPaul

Mike,THANK YOU..That report filled some gaps in my research as that area was proving difficult to obtain reliable data.Appreciate the prompt response regardsPaul

I should add that the loan on the 1st property is 350k.cheersPaul

wealth4life,great pickup, just been looking at apartments in in 150-200k and the yeilds are impressive.I'm was on the hunt for a development block in regional VIC (specifically a regional town south of Bendigo), but I've never looked at NSW metro before; time to look I think!Cheers

Edvico_kvn wrote:
While there are certainly benefits in fixing your home loan rate (e.g certainty in your interest expense and potentially paying less interest than you would under a variable rate), one must not forget that you lose flexibility in your property investment/ownership decisions (Or at least it is going to be very expensive).What I…[Read more]

Hi Richard,You may well be right. However 3 years at 4.99 is far better than the rate ANZ was offering. So the move is not a sad one; and in this climate the more $ in your hand the better, especially if more good property deals surface post June.I'd liked dealing with ANZ, but I guess my time with them has ended for the moment. They knocked me…[Read more]

No worries Richard,I'm not a broker, so my view is only that of the consumer I have no issue with being corrected.My recent experience i.e. this week was that ANZ was ballbusting and WESTPAC welcomed me with open arms. Mind you I have been with ANZ for 10 years and this is 3 loans of 1 mil in total. ANZ would not let my existing loans go IO and I…[Read more]

pwinne wrote:
PropertySeeker,I've been running a variation for 6 years. Twice I had windfalls on the ASX and housing market which blew my estimates considerably.I rang the ATO they gave me a BPAY number and I topped my account up on the 29th June. If you are honest and contact them if you are not sure you will have NIL issues. If unsure top your…[Read more]

PropertySeeker,I've been running a variation for 6 years. Twice I had windfalls on the ASX and housing market which blew my estimates considerably.I rang the ATO they gave me a BPAY number and I topped my account up on the 29th June. If you are honest and contact them if you are not sure you will have NIL issues. If unsure top your account and you…[Read more]

ummester wrote:
The change process will hurt as it occurs but the outcome will be an improvement.Think of a bushfire. Dangerous while its burning but makes way for new flora and fauna to flourish. The new life makes the decrepid memory of the burnt past seem like it deserved it.

perhaps. I do agree that propping up the credit binged weste…[Read more]